Market Overview: —
Polyester with additional properties such as excellent elasticity, high shock absorption, and good corrosion resistant are known as High Performance Polyester, thus, find application in numerous end use industries such as automotive, packaging, building & construction, and electrical & electronics among others. Good moisture barrier and high chemical inertness are some other properties of high performance polyester which offers this product as an additional advantage over metal and glass packaging.
Rising disposable income along with the increasing awareness about recyclable products is driving the growth of High Performance Polyester Market. Rising automotive sales in the developed as well as developing region coupled with the demand for fuel efficient vehicles is expected to accelerate the market growth over the forecast period.
Some of the major players operating in the Global High Performance Polyester Market are Celanese Corporation (U.S), Solvay S.A. (Belgium), DuPont (U.S), Evonik (Germany), Satyen Polymers Pvt. Ltd (India), The Shepherd Chemical Company (U.S), U-PICA Company.Ltd (Japan), Eastman Chemical Company (U.S), Ashland.(U.S), BASF SE (Germany), and others.
High performance polyester is segmented on the basis of applications and end use industries. On the basis of application, the market is categorized into strap, tape, insulation, gelcoat, films and others. On the basis of end use industries, the High Performance Polyester Market is segmented into packaging, building & construction, electrical & electronics, automotive and others.
Increasing product use as an insulation in various building & construction areas such as ceilings, wall cavities, and under floors are expected to drive market growth over the forecast period. Additionally, they are highly fire resistant and an excellent water resistant which propel its demand in housing & construction sector.
The growing demand for High Performance Polyester based products has been observed due to its increasing share in the electrical & electronics industry. In addition, rise in population coupled with increasing sales of LED based products is projected to drive the market growth.
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Increasing demand for packaging films in end use industries such as pharmaceuticals and cosmetics as well as straps for packaging industry is expected to drive the market growth. Moreover, packaging companies are capitalizing on the ecofriendly and recyclable high performance polyester based products.
High Performance Polyester gelcoat are growing importance in automotive sector. The manufacturers are focusing more onto the designing of lightweight, compact, and more efficient vehicles, thus demand for performance polyester among vehicle manufacturers is driving the market growth.
Asia Pacific is estimated to be the largest market for High Performance Polyester followed by Europe and North America on account of increasing packaging, building & construction, electrical & electronics, automotive and others. Emerging countries such as China and India are the fastest growing markets for High Performance Polyester, and is expected to grow with the same pace in the near future. Low labor cost, high economic growth rate, and competitive manufacturing costs are also the important factors boosting the growth of High Performance Polyester market in the Asia Pacific region.
Europe is predicted to witness a moderate growth over the forecast period due to growing demand for recyclable polyester products in packaging industry. Industry growth in countries like Germany, UK, and France are projected to contribute towards regional industry growth.
North America High Performance Polyester Market is expected to witness a significant growth with Canada and U.S. being major contributors due to expansion of electrical & electronics and growing usage of straps and tapes in packaging industry. Moreover, growing high performance polyester demand in electronics products owing to high moisture resistance properties may drive regional growth.
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